Seán Sherlock (Cork East, Labour) | Oireachtas source

I am considering introducing an amendment to this section on Report Stage in order to bring it into line with existing law. I am also considering introducing an amendment to Chapter 15 on Report Stage in order to bring the audit exemption criteria in line with Article 52 of Directive 2013/34/EU. The aim of this directive is to simplify the accounting requirements for small companies and improve the clarity and comparability of companies' financial statements within the Union. The new directive takes the small company or group as the starting point and imposes additional requirements on medium-sized companies and groups and even further requirements on large companies and groups, as well as on public interest entities. Essentially, the latter are listed companies, banks and insurance undertakings, whether listed or not, regardless of size. This is described as a "think small first" approach. Directive 2013/34/EU must be transposed into national law by July 2015.